CBRE has executed a 12,137-sq.-ft. lease for Coastal Construction Products, one of the largest independent distributors of caulking and sealants, waterproofing, concrete repair, and fire protection products in the U.S. The company chose a 157,838-sq.-ft. front-load warehouse at 1310 Atando Avenue, part of Atando Business Park in the North Charlotte submarket.
CBRE's Stewart Hasty, Steve Lowe and Frank Larsen represented the tenant, Coastal Construction Products, in this transaction. Britten Matthews of Beacon Development represented the landlord.
"This is Coastal's first market expansion in the Carolinas and we're happy to have found the perfect location for the company's newest warehouse and showroom; catering to its need for a strategic location and functional distribution use," said Mr. Hasty, senior associate at CBRE. "Atando Business Park is an established warehouse park in a strategic location for industrial buildings and distribution, located directly off of I-77 and within minutes of I-85 and Uptown Charlotte."
With the move to Charlotte, Coastal Construction Products now has 14 stocking locations and serves customers across the Southeast and Caribbean. A division seven distributor, the company is known for its experienced technical sales team which works closely with industry-leading manufacturing partners to provide project solutions. More information can be found at www.CoastalOne.com.
According to CBRE's 2018 Southeast U.S. Real Estate Market Outlook Report, industrial vacancy and availability in Charlotte is expected to continue to decline over the next two years, strengthening the investment market. New supply is being absorbed immediately with most speculative deliveries experiencing very strong pre-leasing.